MIRA INFORM REPORT
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Report No. : |
313618 |
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Report Date : |
30.03.2015 |
IDENTIFICATION DETAILS
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Name : |
RECKITT
BENCKISER (INDIA) LIMITED |
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Registered
Office : |
227 Okhla Industrial Estate, Phase III, New Delhi – 110020 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
05.07.1951 |
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Com. Reg. No.: |
55-127062 |
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Capital
Investment / Paid-up Capital : |
Rs.258.725 Million |
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CIN No.: [Company Identification
No.] |
U74999DL1951PLC127062 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
RTKR01561A |
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PAN No.: [Permanent Account No.] |
AABCR2655Q |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer, seller and exporter of
drugs and medicines, such as bulk drugs in the form of liquids, ointments, and
tablets; denture products; food products, including tea, cashew kernels, and
mushrooms; laundry products; household products; aromatic chemicals; and
toiletries. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
A (69) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 52000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subjects is a part of “Reckitt Benckiser Plc, UK”. It is a well-established
company having fine track. The company possesses a healthy
financial profile marked by favourable net worth base and sound liquidity
position owing to zero debt position further strengthening the capital
structure along with sufficient cash balance. Management has reported a decent sales volume as well as net
profitability, backed by adequate margins during FY 2014. The ratings also take into consideration the growth in the business
profile, resulting into gaining third spot in the Indian home and personal
care market. Trade relations are fair. Business is active. Payment terms are
reported as regular and as per commitments. In view of technical, managerial and financial support extended from
the parent, the company can be considered for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
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Rating Agency Name |
Not Available |
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Rating |
Not Available |
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Rating Explanation |
Not Available |
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Date |
Not Available |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DECLINED
Management non co-operative
LOCATIONS
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Registered Office : |
227 Okhla Industrial Estate, Phase III, New Delhi – 110020, India |
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Tel. No.: |
91-124-4028000 / 3319000 |
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Mobile No.: |
Not Available |
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Fax No.: |
91-124-4340110 |
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E-Mail : |
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Website : |
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Corporate Office : |
Enkay Centre, 2nd Floor, Vanijya Nikunj, Udyog Vihar,
Phase V, Gurgaon -122016, |
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Tel. No.: |
91-124-2398200/2398209 |
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Fax No.: |
91-124-2398230/2398231/2398232 |
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Factory 1 : |
25, Ho Chi Minh Sarani, Behala, Kolkata - 700 061, West |
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Tel. No.: |
91-33-2493 4079 / 4717 |
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Fax No.: |
91-33-2493 3529 |
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Factory 2 : |
20/1, |
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Tel. No.: |
91-33-2479 8361 /
8362 |
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Factory 3 : |
P. O. Kalla, |
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Tel. No.: |
91-341-2202521 / 2204683 |
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Fax No.: |
91-341-2209788 |
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Factory 4 : |
61-62, Hootagalli Estate, |
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Tel. No.: |
91-821-2402509 /
2402520 |
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Fax No.: |
91-821-2402758 |
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Factory 5 : |
Plot No. 176, SIPCOT Hosur Industrial Area, Hosur - 635
126, |
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Tel. No.: |
91-4344-276661 / 276490 |
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Fax No.: |
91-4344-276662 / 277205 |
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Factory 6 : |
B-4/10, |
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Tel. No.: |
91-11-23272121 |
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Fax No.: |
91-11-23281662 |
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Factory 7 : |
Mahalaxmi Chambers, 29, |
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Tel. No.: |
91-80-25584614 |
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Fax No.: |
91-80-25584738 |
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Factory 8 : |
107-111, Nirman Kendra, 1st Floor, Dr. E. Mosses Road, Near Famous Studio, Mahalaxmi, Mumbai – 400 011, Maharashtra, India |
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Tel. No.: |
91-22-24965840 |
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Fax No.: |
91-22-24980801 |
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Factory 9 : |
41, |
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Tel. No.: |
91-33-22886850 |
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Fax No.: |
91-33-22888085 |
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Factory 10: |
Plot No.48, Institutional Area, Sector 32, Gurgaon –
122001, |
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Tel. No.: |
91-124-4028000 / 3319000 |
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Fax No.: |
91-124-4340110 |
DIRECTORS
As on : 30.09.2014
|
Name : |
Mr. Gopal Mishra |
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Designation : |
Whole Time Director |
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Address : |
Flat No. 1702, JMD Garden, Sector – 33, Sohna Road, Gurgaon, India |
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Date of Birth/Age : |
28.01.1972 |
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Date of Appointment : |
15.11.2012 |
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DIN No.: |
06418731 |
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Other Directorship :
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Name : |
Mr. Rajesh Kumar Jha |
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Designation : |
Whole Time Director |
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Address : |
C-3, 3164, Vasant Kunj, New Delhi – 110070, Delhi |
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Date of Birth/Age : |
30.06.1968 |
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Date of Appointment : |
04.11.2013 |
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DIN No.: |
02695721 |
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Other Directorship :
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Name : |
Mr. Sreenivasrao Nasdigam |
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Designation : |
Whole Time Director |
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Address : |
CI 301, Uniworld City, DLF Phase 4, Gurgaon – 122002, Haryana, India |
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Date of Birth/Age : |
24.04.1969 |
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Date of Appointment : |
04.11.2013 |
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DIN No.: |
02410352 |
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Other Directorship :
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Name : |
Mr. Nitish Kapoor |
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Designation : |
Managing Director |
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Address : |
102/97, Silver Oaks Aptts DLF – 1, Gurgaon – 122002, Haryana, India |
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Date of Birth/Age : |
04.03.1968 |
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Date of Appointment : |
03.01.2014 |
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DIN No.: |
06767690 |
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Other Directorship :
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Name : |
Mr. Chander Mohan Sethi |
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Designation : |
Director |
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Address : |
302 B, Court Greens, Labumum, Condominium,Comlex, Sushant Lok I,
Gurgaon – 122002, Haryana, India |
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Date of Birth/Age : |
08.03.1979 |
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Date of Appointment : |
15.11.2012 |
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DIN No.: |
00319297 |
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Other Directorship :
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Name : |
Mr. Parag Agarwal |
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Designation : |
Director |
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Address : |
Apartment 1b, Tower Tg-6, Orchid Gaden, Sun City, Sec – 54, Gurgaon –
122002, Haryana, India |
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Date of Birth/Age : |
19.02.1966 |
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Date of Appointment : |
01.01.2013 |
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DIN No.: |
02954487 |
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Other Directorship :
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Name : |
Mr. Ariadna Granena Aracil |
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Designation : |
Director |
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Address : |
Calle Carme Karr, 14 Bajo 4, Barcelona – 08034, SPAIN |
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Date of Birth/Age : |
23.06.1974 |
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Date of Appointment : |
30.09.2014 |
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DIN No.: |
02773538 |
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KEY EXECUTIVES
|
Name : |
Mr. Manoj Singh Bisht |
|
Designation : |
Company Secretary |
|
Address : |
20B, Janta Flats, Vasant Enclave, New Delhi – 110057, India |
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Date of Birth/Age : |
06.01.1988 |
|
Date of Appointment : |
04.04.2012 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on : 30.09.2014
|
Names of Shareholders |
No. of Shares |
%age |
|
Reckitt Benckiser PLC |
10725120 |
41.45 |
|
Reckitt Benckiser PLC |
6060601 |
23.42 |
|
Lancaster Square Holding SL |
2393185 |
9.25 |
|
Chander Mohan Sethi |
1 |
0.00 |
|
Rajesh Kumar Jha |
1 |
0.00 |
|
Sarita William |
1 |
0.00 |
|
Ajay Thukral |
1 |
0.00 |
|
R and C Nominees Limited (Beneficial Ownership Rests with Reckitt
Benckiser PLC) |
1 |
0.00 |
|
Lancaster Square Holding SL |
6693556 |
25.87 |
|
Total |
25872467 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
%age |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
100.00 |
|
Total |
100.00 |
100.00 |
%20LIMITED-313618%2030-Mar-2015_files/image014.gif)
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, seller and exporter of
drugs and medicines, such as bulk drugs in the form of liquids, ointments, and
tablets; denture products; food products, including tea, cashew kernels, and
mushrooms; laundry products; household products; aromatic chemicals; and
toiletries. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
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Auditors : |
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Name : |
Gupta Charan Sewak Chartered Accountant |
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Address : |
Price Waterhouse, Building 8, 7Th and 8th floor Tower B, DLF Cyber city, Gurgaon - 122002, Haryana, |
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PAN No.: |
AAFFP3698A |
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Financial
Institutions : |
Director of Industrial Himachal Pradesh through Member Secretary,
SWCA, Parwanoo -173220, Himachal Pradesh, India |
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Holding Company
: |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates : |
(CIN No.24231HT1980PLC044172)
(CIN No.U24232TN1994PLC048002) |
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Subsidiaries : |
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CAPITAL STRUCTURE
As on : 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35000000 |
Equity Shares |
Rs.10/- each |
Rs.350.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25872467 |
Equity Shares |
Rs.10/- each |
Rs.258.725
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
258.725 |
258.725 |
258.725 |
|
(b) Reserves & Surplus |
18082.313 |
10691.062 |
6362.452 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
18341.038 |
10949.787 |
6621.177 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
535.010 |
523.933 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
543.891 |
|
Total
Non-current Liabilities (3) |
535.010 |
523.933 |
543.891 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
6297.169 |
5794.959 |
4957.542 |
|
(c) Other current liabilities |
965.369 |
802.232 |
640.036 |
|
(d) Short-term provisions |
211.785 |
155.291 |
203.055 |
|
Total
Current Liabilities (4) |
7474.323 |
6752.482 |
5800.633 |
|
|
|
|
|
|
TOTAL |
26350.371 |
18226.202 |
12965.701 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2972.731 |
2235.933 |
1979.657 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
246.656 |
241.242 |
227.760 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
7377.919 |
7377.919 |
0.000 |
|
(c) Deferred tax assets (net) |
148.266 |
187.029 |
191.983 |
|
(d) Long-term Loan and Advances |
555.708 |
335.131 |
274.249 |
|
(e) Other Non-current assets |
3.256 |
3.256 |
3.169 |
|
Total
Non-Current Assets |
11304.536 |
10380.510 |
2676.818 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
3665.095 |
3027.354 |
3654.114 |
|
(c) Trade receivables |
1369.538 |
1278.255 |
885.249 |
|
(d) Cash and cash equivalents |
9367.322 |
2803.026 |
5219.454 |
|
(e) Short-term loans and advances |
596.302 |
715.248 |
499.320 |
|
(f) Other current assets |
47.578 |
21.809 |
30.746 |
|
Total
Current Assets |
15045.835 |
7845.692 |
10288.883 |
|
|
|
|
|
|
TOTAL |
26350.371 |
18226.202 |
12965.701 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Revenue from Operations |
40033.116 |
35953.294 |
34934.983 |
|
|
Other Income |
1075.784 |
926.450 |
1229.517 |
|
|
TOTAL
|
41108.900 |
36879.744 |
36164.500 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
12957.587 |
12446.202 |
12256.175 |
|
|
Purchases of Stock-in-Trade |
6773.342 |
6945.183 |
7922.830 |
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
(296.861) |
543.042 |
(1197.804) |
|
|
Employees benefits expense |
1464.699 |
1411.529 |
1377.419 |
|
|
Other expenses |
10528.520 |
9212.320 |
8650.069 |
|
|
TOTAL
|
31427.287 |
30558.276 |
29008.689 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
9681.613 |
6321.468 |
7155.811 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
301.599 |
376.010 |
390.199 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
9380.014 |
5945.458 |
6765.612 |
|
|
|
|
|
|
|
Less |
TAX |
1988.763 |
1316.151 |
1382.589 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
7391.251 |
4629.307 |
5383.023 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
9199.469 |
5333.790 |
0.000 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
|
462.931 |
|
|
|
Dividend |
|
258.725 |
|
|
|
Tax on Dividend |
|
41.972 |
|
|
|
Total
|
NA |
763.628 |
NA |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
16590.720 |
9199.469 |
5383.023 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
286.246 |
177.448 |
|
|
|
TOTAL
EARNINGS |
286.246 |
177.448 |
NA |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
285.68 |
178.93 |
208.06 |
%20LIMITED-313618%2030-Mar-2015_files/image003.gif){kind=small}
%20LIMITED-313618%2030-Mar-2015_files/image004.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin (PAT/Sales) |
(%) |
18.46 |
12.88 |
15.41 |
|
|
|
|
|
|
|
Operating Profit Margin (PBITD/Sales) |
(%) |
24.18 |
17.58 |
20.48 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
50.49 |
57.06 |
53.93 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.51 |
0.54 |
1.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.01 |
1.16 |
1.77 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
258.725 |
258.725 |
258.725 |
|
Reserves & Surplus |
6362.452 |
10691.062 |
18082.313 |
|
Net
worth |
6621.177 |
10949.787 |
18341.038 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
%20LIMITED-313618%2030-Mar-2015_files/image015.gif)
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
34934.983 |
35953.294 |
40033.116 |
|
|
|
2.915 |
11.348 |
%20LIMITED-313618%2030-Mar-2015_files/image016.gif)
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
34934.983 |
35953.294 |
40033.116 |
|
Profit |
5383.023 |
4629.307 |
7391.251 |
|
|
15.41% |
12.88% |
18.46% |
%20LIMITED-313618%2030-Mar-2015_files/image017.gif)
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
---------------------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------------------- |
|
23] |
Banking Details |
No |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking
account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
PERFORMANCE:
The trend of delivering consistent growth continues. The net revenue
from operations of the company for the year ended 31st march 2014
stood at Rs. 40033.116 Million. The profit have increased at a good rate as
compared to the previous year. The profit before tax for the year 2013-2014
stood at Rs. 9380.014 Million and the profit after tax was Rs. 7391.251 Million
INDEX OF CHARGES: NO
CHARGES EXIST FOR THE COMPANY
PRESS RELEASE
GOVERNMENT ORDER FORCING COSMETIC FIRMS TO DECLARE ‘NON-VEG PRODUCTS’
UNDER HC SCANNER:
New Delhi: The Delhi High Court on Monday sought the Centre's response on pharma major Reckitt Benckiser's plea challenging a government notification mandating that every pack of cosmetics should indicate whether it has any ingredient of animal origin.
A bench of Chief Justice G Rohini and Justice RS Endlaw issued notice to the government and sought its response by 18 May on Reckitt Benckiser's plea that the 16 June, 2014 notification of Department of Consumer Affairs is contrary to provisions of the Drugs and Cosmetics Act.
The
department has issued the notification under the Legal Metrology Act, while the
company has claimed that the issue falls under the scope of the Drugs and
Cosmetics Act.
The notification mandates that packages of cosmetics and toiletries like shampoos, toothpastes and soaps should bear a red/brown dot for non-vegetarian origin and green dot for vegetarian.
The company contended that Supreme Court in 2013 had held that without a "fruitful consideration" with Drugs Technical Advisory Board (DTAB) no amendment can be made or suggested to change label of drugs.
It also contended that DTAB had not been agreeable to indicating, on labels of cosmetics, whether source of the product was vegetarian or non-vegetarian, "possibly because unlike food, cosmetics and toiletries are not for oral consumption and are manufactured from hundreds of ingredients whose source would not possible to ascertain".
The company, in its plea, has sought quashing of the notification saying it is "arbitrary, irrational and discriminatory".
It has also said that the Bombay High Court in a similar plea by an association of manufacturers of cosmetics and toiletries had directed the government not to take "coercive steps" against the petitioner firms for not declaring whether their products contained any ingredient of animal origin.
PROJECT SUPERCHARGE:
RECKITT BENCKISER TO RESTRUCTURE, CUT COSTS AMID SLOWING SALES:
NEW DELHI: Reckitt Benckiser, maker of Dettol soap, Lizol floor cleaner and Veet hair remover, will restructure operations and prune costs to deal with slowing sales across markets, including India, the company said. This will include less travel by executives, manufacturing rationalisation and even reduced use of office stationery — all as part of Project Supercharge that was announced by the British consumer goods company's CEO Rakesh Kapoor late last week to drive margin expansion and cost savings of Rs.100.150 million in 2015.
Ageographic restructuring will reduce business clusters to two from three and make reporting structures linear, accelerate decision making and allow better co-ordination. India, under Reckitt Benckiser's (RB's) Developing Markets group, will be part of the cluster that clubs Latin America and Asia with the Middle East and Africa. RB India did not specify how the reporting would change. India has thus far been regional headquarters for Southeast Asia, covering 12 nations, including Singapore, Thailand and Malaysia, with CM Sethi heading this cluster as senior vice-president.
RB India, along with other consumer goods companies, has seen growth slowing as customers have been delaying purchases or switching to smaller packs and lower-priced products as they cope with economic uncertainty. Sales rose 11% to about Rs 4,000 crore in FY14, compared with 20% in previous years.
"LAPAC (Latin America and Asia Pacific) experienced a slower year in 2014 driven by slower market conditions in Brazil and Southeast Asia, in particular India, Indonesia and Thailand," Kapoor's statement had said. He expects 2015 to be similar to last year, with sales being hurt by emerging market deceleration.
Without disclosing details, the firm said it has identified areas of expenditure with "substantial opportunities for improvement" and that these would be across manufacturing, travel, operations and so on.
RB India's spokesperson said in response to ET's query: "With Project Supercharge, we aim to create a simpler and more agile organisation and reduce costs and drive efficiency to maintain our operating model of outperformance."
RECKITT BENCKISER
LAUNCHES DETTOL KITCHEN GEL:
NEW DELHI: Consumer goods major Reckitt Benckiser today said it has entered a new segment with the launch of 'Dettol Kitchen', a new range of disinfectant kitchen gel.
Dettol Kitchen marks Dettol's entry into a new segment after liquid hand wash in 1992, Reckitt Benckiser said in a statement.
"...kitchen sponges are known to be a breeding ground for germs. It made complete sense to extend this promise of Dettol's germ protection to kitchen by providing a single solution for truly healthy kitchen," Reckitt Benckiser Senior Vice President-South East Asia Chander Mohan Sethi said.
Reckitt Benckiser's markets various brands including Strepsils, Durex, Clearasil, Harpic among others.
RECKITT BENCKISER
PLANS EXPERTS COUNCIL FOR ‘BANEGA SWACHH’ CAMPAIGN: OFFICIAL:
NEW DELHI: Reckitt Benckiser is in the process of setting up a council of experts comprising of corporates and public sector officials to track progress of its 'Banega Swachh India' campaign, a top official at the UK-based consumer goods multinational said.
"We need accountability in implementation (of the campaign)," Rajiv Chandra, senior VP, global category officer — hygiene, at Reckitt Benckiser told ET in an exclusive interaction.
Chandra, who's based in the UK and was on a visit to India last week, said the council will define a health and hygiene index and focus on tracking and reporting mechanism for the programme. He declined to name any likely member, saying the firm is in the process of finalising partners.
Reckitt Benckiser (RB) has committed Rs 100 crore for the campaign for five years. The campaign is expected to have a rub-off on its flagship anti-germ brand Dettol, in addition to its other hygiene brands such as Harpic and Lizol. "In the end, when we have consumers using our brands, it does impact the business," Chandra said.
Nitish Kapoor, managing director at RB India, said the expert council will comprise of individuals from corporates, public sector and development sector, research sector with knowledge and experience in devising tracking and reporting mechanisms for programmes of such scale. RB has, so far, named 'swachh ambassadors' — including cricketer Sachin Tendulkar, actress Priyanka Chopra and advertising veteran Prasoon Joshi — to generate awareness about the campaign. Actor Amitabh Bachchan is the face of the campaign.
The firm is hopeful of launching a series of bottom-of-pyramid products in the hand-wash and hygiene space, to coincide with its cleanliness campaign. These products, which may be under the umbrella of existing brands Dettol and Harpic, are expected to be launched over the next few months, Kapoor said.
RECKITT BENCKISER,
DABUR LEGAL SPAT ESCALATES OVER PUDIN HARA ADS
NEW DELHI: Consumer goods firm Reckitt Benckiser (RB), which makes Dettol antiseptic and Cherry Blossom shoe polish, has escalated its legal spat with Vatika shampoo maker Dabur over their respective antacid brands Gaviscon and Pudin Hara. Reckitt Benckiser had dragged Dabur to Delhi High Court alleging that the ads for Dabur's Pudin Hara lemon fizz drink had "infringed its trademark and copyright".
The court has passed a judgement in favour of Dabur last month stating that the firm is free to run the ads for Pudin Hara lemon fizz, against which Reckitt has now filed an appeal.
According to the court order, a copy of which ET has reviewed, RB is not entitled to temporary injunction in the case. The court has, however, said that if there is any modification in the television commercial, Dabur would need to take necessary permission from the court. The central character in the dispute is a fire fighter theme. RB alleged that the theme of firemen has infringed 'its trademark and copyright'.
According to the court, depiction of flames being extinguished by water or medicine cannot be monopolised by any firm.
"This is a well-reasoned judgement and after extensive discussion, the court has concluded that Reckitt Benckiser has failed to make out a prima facie case for temporary injunction either on the grounds of infringement of trademark, copyright or passing off," Sudhir Makkar, advocate representing Dabur, said in an email.
An email sent to Reckitt Benckiser did not elicit any response till the time of going to press. While Gaviscon is a power brand of the British firm, Pudin Hara is one of Dabur's top brands and occupies leadership position in the liquid antacid space. While no syndicated data is available for antacids, industry estimates put the category's value at around Rs 1,000 crore.
The category is broadly split three ways between GlaxoSmith-Kline's Eno, Dabur's Pudin Hara in liquid and pill form, and tablets/liquids like Digene and Gelusil. Together, these brands would account for anywhere between 90% and 95% of the market with Eno as the biggest brand.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or anti-terrorism
sanction laws or whose assets were seized, blocked, frozen or ordered forfeited
for violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is or
was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.60 |
|
|
1 |
Rs.92.95 |
|
Euro |
1 |
Rs.68.14 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
SUJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
69 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment record
(10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.